公司理财第9版第3章财务报表分析与财务模型.pptVIP

* * * The first term measures the increase in assets, which is based on the capital intensity ratio. The second and third terms capture the increase in liabilities and equity, respectively. * * The first three components come from the ROE and the Du Pont identity. It is important to note at this point that growth is not the goal of a firm in and of itself. Growth is only important so long as it continues to maximize shareholder value. * 分子分母同乘以销售额，可有： ROE = (净利润 / 总资产) × (总资产 / 总权益) ×(销售额 / 销售额) ROE = (净利润 / 销售额) × (销售额 / 总资产) ×(总资产 / 总权益) ROE = 销售利润率 × 总资产周转率 × 权益乘数 * 杜邦恒等式的应用 ROE = 销售利润